Bonds Hold Vast Majority of Last Week's Gains

The most significant thing that happened as the market returned to the office from Thanksgiving weekend is that bonds were able to hold a vasty majority of last week's gains.  That wasn't immediately apparent if you were focusing on day-over-day losses, but consider that Friday afternoon saw a quick little rally that made for artificially strong closing levels. Any way you slice it, today's yields remained roughly 20bps lower than those at the end of the week before last. This is as strong of a showing as we could have hoped for in the absence of any bond-friendly economic data.  The rest of the week is most likely to flow logically from the incoming data. As for today itself, it was mostly uneventful with "new month" and repositioning trades accounting for a mid day recovery from early weakness.